| CONTENTS | PAGE | |
|---|---|---|
| Trustees and professional advisers |
||
| Trustees' annual report |
2-8 | |
| Independent auditors |
report | 9-11 |
| Statement offinancial |
activities | 12 |
| Statement offinancial |
position | |
| Notes to the financial | statements | 14-19 |
| The Trustees | The Trustees | Philip Hulme | |||
|---|---|---|---|---|---|
| Jan Hulme | |||||
| Tom Hulme | |||||
| Juliet Lyon | |||||
| Kate Prideaux | |||||
| Sophie Swift | |||||
| Charity Offices | 'Gladsmuir' | ||||
| Hadley Common | |||||
| Barnet | |||||
| Herts. | |||||
| EN5 5QE | |||||
| Auditors | Newton 8 Gamer Limited | ||||
| Chartered Accountants |
8 Registered | Auditors | |||
| Building 2 | |||||
| 30 Friern Park | |||||
| North Finchley | |||||
| London, N12 9DA | |||||
| Accountants | City Tax Consultants | Limited | |||
| Building 2 | |||||
| 30 Friern Park | |||||
| North Finchley | |||||
| London, N12 9DA |
|||||
| Bankers | Barclays Bank pic | ||||
| One Stanhope Gate | |||||
| Mayfair | |||||
| London W1K 1AF | |||||
| Solicitors | Linklaters | ||||
| One Silk Street | |||||
| London | |||||
| EC2Y 8HQ | |||||
| Investment | Advisers | Goldman Sachs International | |||
| Plumtree Court |
|||||
| 23Shoe Lane | |||||
| London | |||||
| EC4A 4AU |
| FOR TH | E YEAR | ENDED 31S | TMARCH 20 | 22 | |||
|---|---|---|---|---|---|---|---|
| Total Funds | Total Funds | ||||||
| Unrestricted | Endowment | Year to | Year to | ||||
| Funds | Funds | 2022 | 2021 | ||||
| Note | |||||||
| INCOIIE AND ENDOWIIENTS | |||||||
| Donations and legacies |
51,794 | 51,794 | |||||
| Investments | 4,618,673 | 4,618„673 | 1,749,245 | ||||
| Other income | 9,348 | 9,348 | |||||
| TOTAL INCOIIE | 4,628,021 | 51,794 | 4,679,815 | 1,749,245 | |||
| EXPENDITURE | |||||||
| Expenditure on raising funds: |
|||||||
| Investment management |
costs | 7 | (425,446) | (425,446) | (415,311) | ||
| Expenditure on charitable |
activities | 819 | +44216,870 | ||||
| TOTAL EXPENDITURE | 4,642,116) | ||||||
| Net gains on investments | 14 | 4,666,643 | 4,666,643 | 4,835,255 | |||
| Net income | (14,095) | 4,718,437 | 4,704,342 | 2,383,430 | |||
| Transfer between funds |
15 | ||||||
| 4,704,342 | 4,704,342 | 2,383,430 | |||||
| OTHER RECOGNISED | GAINS AND LOSSES | ||||||
| (Losses)/gains on revaluation |
offixed assets | 56,706,149 | 56,706,149 | 74,662,183 | |||
| NET INOVEIIENT IN FUNDS |
61,410,491 | 61,410,491 | 77,045,613 | ||||
| RECONCILIATION OF FUNDS |
|||||||
| Total Funds brought forward |
287,220,528 | 287,220,528 | 210,174,915 | ||||
| TOTAL FUNDS CARRIED FORWARD | 348,631,019 | 348,631,019 | 287,220,528 |
| 31S | TMARCH 2022 | ||||||
|---|---|---|---|---|---|---|---|
| 2022 | 2021 | ||||||
| Note | |||||||
| FIXEDASSETS | |||||||
| Tangible assets | 16 | 27,441 | |||||
| Investments | 17 | 347,489,236 | 285,626,848 | ||||
| 347,516,677 | 285,626,848 | ||||||
| CURRENT ASSETS | |||||||
| Debtors | 18 | 453,341 | |||||
| Cash at bank | 1,158,879 | 1,184,298 | |||||
| 1„158,879 | 1,637,639 | ||||||
| CREDITORS: Amounts due within one year |
falling | 19 | ~44,537} | 43,959 | |||
| NET CURRENT ASSETS | 1,114,342 | 1,593680 | |||||
| TOTAL ASSETS LESS | CURRENT | LIABILITIES | 348,631,019 | 287,220,528 | |||
| NET ASSETS | 348,631,019 | 287,220,528 | |||||
| FUNDS OF THE CHARITY | |||||||
| Endowment funds |
21 | 348,631,019 | 287,220,528 | ||||
| TOTAL CHARITY FUNDS | 348,631,019 | 287,220,528 | |||||
| These financial statements, | having | been approved | by the trustees, | ||||
| were signed on their behalf | by: | dated: | |||||
| 6 | /z |
| 4. | DONATIONS AND LEGACIES |
2022f | 2021 | |||
|---|---|---|---|---|---|---|
| Other voluntary income |
51,794 | |||||
| 5. | INVESTMENT INCOME | 2022 | 2021 | |||
| E | E | |||||
| Income from investment properties |
58,560 | 57,932 | ||||
| income from listed investments | 4,561,668 | 1,686,885 | ||||
| Income from cash investments | (1,956) | (572) | ||||
| Income from other investments | 401 | 5,000 | ||||
| 4,618,673 | 1,749,245 | |||||
| 6. | OTHER INCOME | 2022 | 2021 | |||
| Gains on disposal oftangible fixed | assets | |||||
| held for charity's own use |
9,348 | |||||
| 7. | INVESTMENT MANAGEMENT | COSTS | 2022 | 2021 | ||
| Portfolio management | 405,369 | 385,512 | ||||
| Rent collection and investment | property | management | 8,284 | 7,442 | ||
| Property repairs and maintenance |
charges | 11,793 425,446 |
22,357 415,311 |
| 10.STAFF COSTS AND | EMOLUIIENTS | EMOLUIIENTS | 2022 | 2021 |
|---|---|---|---|---|
| The aggregate payroll |
costs were: | |||
| Wages and salaries | 114,444 | 97,500 | ||
| Social security costs | 10,476 | 8,017 | ||
| Employer contributions |
to pension | plans | 438 | |
| 125,358 | 105,517 |
| The | average | number | ofstaff | employed | by | the | charity | during | the | financial | year | amounted | to: | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2022 | 2021 | |||||||||||||
| No. | No. |
| 12.NET INCOME | ||||
|---|---|---|---|---|
| 2022 | 2021 | |||
| This is stated after charging: | F | |||
| Depreciation | 6„332 | 1,813 | ||
| Gains on dispoal oftangible | fixed assets | (9,348) | ||
| 13.AUDITORS REMUNERATION | 2022 | 2021 | ||
| Audit ofthe financial statements | 4,800 | 4,800 | ||
| 14.NET GAINS ON INVESTMENTS | 2022 | 2021 | ||
| Gains/(Losses) on cash held |
for investment | purposes | (327,466) | 669,061 |
| Gains on listed investments | 2,643,493 | 3,349,573 | ||
| Gains on other investments | 2,350,616 | 816,621 | ||
| 4,666,643 | 4,835,255 |
| 16.TANGIBLE FIXEDASSETS | Office | ||||
|---|---|---|---|---|---|
| Furniture | Equipment | Motor Vehicle | Total | ||
| COST | E | ||||
| At 1stApril 2021 | 14,831 | 753 | 24,720 | 40,304 | |
| Additions | 33,773 | 33,773 | |||
| Disposals | (24,720) | 24,720 | |||
| At 31stMarch 2022 | 14,831 | 753 | 33,773 | 49„357 | |
| DEPRECIATION | |||||
| At 1stApril 2021 | 14,831 | 753 | 24,720 | 40,304 | |
| Charge for the period | 6,332 | 6,332 | |||
| Disposals | (24,720) | (24,720) | |||
| At 31st March 2022 | 14,831 | 753 | 6,332 | 21,916 | |
| NET BOOK VALUE | |||||
| At 31stMarch 2022 | 27,441 | 27,441 | |||
| At 31stIlarch 2021 | |||||
| 17.INVESTIIENTS | Cash or | ||||
| Cash | Listed | Investment | Other | ||
| Equivalents | Investments | Properties | Investments | Total | |
| E | E | ||||
| Cost or valuation | |||||
| At 1stApril 2021 | 976,307 | 238,382,318 | 3,070,000 | 43,198,223 | 285,626,848 |
| Additions | 15,529,722 | 5,304,344 | 3,627,962 | 24,462,028 | |
| Disposals | (10,355,60?) | (3,535,976) | (5,414,207) | (19,305,790) | |
| Revaluations | (463,233) | 38,896,607 | 655,00Q | 17,617,776 | 56,706,150 |
| At 31st March 2022 | 5,687,189 | 279,047,293 | 3,725,000 | 59,029,754 | 347,489,236 |
| Impairment | |||||
| At 1stApril 2021 and | |||||
| 31stMarch 2022 | |||||
| Carrying amount |
|||||
| At 31stMarch 2022 | 5,687,189 | 279,047,293 | 3,725,000 | 59,029,754 | 347,489,236 |
| At 31st March 2021 | 976,307 | 238,382,318 | 3,070,000 | 43,198,223 | 285,626,848 |
| UK investment prop Services Limited. |
erties | were revalued at 3rd April 2022 by Mr. C.D | . Scorer ofScorer Property | |
|---|---|---|---|---|
| 18.DEBTORS | 2022 | 2021 | ||
| Other debtors | 64,885 | |||
| Payments reported |
to Police | 388,456 | ||
| 453,341 | ||||
| 19.CREDITORS: Amounts | falling due within one year: | 2022 | 2021 | |
| E | ||||
| Taxation and social | security | 1,531 | 4,359 | |
| Accruals | 42,750 | 39,600 | ||
| Other creditors | 256 | |||
| 44,537 | 43,959 |
| ENDOWIIE | NT FUNDS |
|||
|---|---|---|---|---|
| Balance at | Incoming | Balance at | ||
| 1.4.21 | Resources | 31.3.22 | ||
| inc. gains | ||||
| Expendable | endowment | 287,220,528 | 61,410,491 | 348„631,019 |